The Organization for Economic Cooperation and Development OECD has extended an invitation to Costa Rica to become its 38th member.
As a result, Costa Rican President Carlos Alvarado Quesada and OECD Secretary-General Angel Gurría would have recently signed an accession agreement, according to a release from the Paris, France-based organisation.
“We are delighted to welcome Costa Rica into the OECD family at a time when multilateralism is more important than ever. The best way to address today’s global challenges is by having emerging, developing and advanced economies working side by side on solutions,” OECD Secretary-General Angel Gurría stated.
The invitation to Costa Rica follows on the heels of the OECD welcoming Colombia as its 37th member last month — the third country in the Latin America and Caribbean region to join.
In fact, the accession process began in April 2015 when the OECD’s governing council of member countries invited Costa Rica to open accession talks.
Costa Rica’s accession will take effect after the country has taken the appropriate steps at the national level to align to the OECD Convention and deposited its instrument of accession with the French government, the depository of the Convention.
Since its talk with OECD in 2015, Costa Rica has successfully completed in-depth technical reviews by 22 OECD Committees. The Central American country has also carried out important reforms that have allowed the country to align its legislation, policies and practices to OECD standards in areas such as competition, statistics, anti-bribery, corporate governance of State-owned enterprises, financial markets, tax transparency and industrial chemicals management.
“OECD membership has been a personal objective of the [Costa Rican] president and his Government,” Gurría explained.
“We have been encouraged to see real cross-party commitment to the process and impressed by the engagement and reactivity of the Legislative Assembly, which enacted over a dozen laws including a comprehensive reform of competition policy and enforcement and fundamental reform of the national statistics system, as a direct result of OECD recommendations, ” the OECD Secretary-General added.